Slide 1: H1 2026 Results
H1 2026 RESULTS DSV A/S Investor presentation
Slide 2: Content
Content • Highlights • Update on Schenker integration • Financial highlights • Business segments • Financial review • Financial targets for 2030 Forward-looking • Outlook for 2026 statements • Appendix This presentation contains forward-looking statements. Such statements are subject to risks and un
Slide 3: Highlights for Q2 2026
Highlights for Q2 2026 Progressing as planned Management changes and EBIT before special items Narrowing the 2026 to complete the integration recovery plans initiated in of DKK 6.3 billion in Q2, guidance for EBIT before by the end of 2026 and the Road division to the strongest quarterly special ite
Slide 4: Update on Schenker integration
Update on Schenker integration Integration expected to be completed by the end of 2026 Integration progressing according to plan Timeline for integration and financial impact from • On track to complete the integration by the end of 2026 with synergies related to the Schenker integration more than 6
Slide 5: Financial highlights Q2 2026
Financial highlights Q2 2026 • Positive earnings growth in Q2 2026 under challenging and volatile market conditions during the quarter. • Gross profit up 17.5% and EBIT before special items rose 32.5% compared to last year, driven by solid performance, synergies and Schenker. • Quarterly diluted adj
Slide 6: Air & Sea
Air & Sea Management commentary (DKKm) Q2 2026 Q2 2025 Growth* H1 2026 H1 2025 Growth* • Air & Sea delivered positive Gross profit Air 4,869 4,294 13.4% 9,129 7,359 25.8% earnings momentum, driven by higher gross profit for air freight Gross profit Sea 4,032 4,193 (3.8%) 7,865 7,500 7.6% and a relat
Slide 7: Air freight Q2 2026
Air freight Q2 2026 • Volumes grew by 10% in Q2 2026 YoY, driven by the Schenker contribution and strong demand, partly offset by yield management. • Compared to last quarter, volumes were up 8% due to an early peak season and continued strong demand within the Technology vertical. • Air freight rat
Slide 8: Sea freight Q2 2026
Sea freight Q2 2026 • Volume growth of 6% in Q2 2026 YoY, driven by the Schenker contribution, while volume growth from Asia-Europe was lower than expected. • Compared to last quarter, volumes were up 3%, driven by seasonality and signs of an early peak season on the Transpacific trade lane. • The a
Slide 9: Road
Road Management commentary (DKKm) Q2 2026 Q2 2025 Growth* H1 2026 H1 2025 Growth* • Operational issues relating to the complexity of the Schenker Revenue 24,472 20,674 18.3% 47,771 30,838 54.6% integration in Germany, France and the Netherlands had Gross profit 5,153 4,256 20.3% 10,377 6,212 66.4% n
Slide 10: Contract Logistics
Contract Logistics Management commentary (DKKm) Q2 2026 Q2 2025 Growth* H1 2026 H1 2025 Growth* • Contract Logistics continued its strong financial performance Revenue 13,534 10,054 34.8% 26,212 16,379 62.0% driven by commercial growth within the Technology and Gross profit 5,866 4,631 26.8% 11,343
Slide 11: P&L H1 2026
P&L H1 2026 (DKKm) Q2 2026 Q2 2025 Growth* H1 2026 H1 2025 Growth* Management commentary Headlines • Revenue increased by 23% in Q2 76,688 61,983 23.4% 147,104 103,663 43.6% 2026 compared to Q2 2025, driven Revenue by the contribution from Schenker Gross profit 20,277 17,241 17.5% 39,180 28,232 40.6
Slide 12: Cash flow and financial ratios H1 2026
Cash flow and financial ratios H1 2026 (DKKm) H1 2026 H1 2025 Variance Management commentary EBITDA before special items 16,374 12,308 4,066 Change in working capital (9,885) 2,405 (12,290) • Adjusted free cash flow of DKK 786 Tax, interest, change in provisions, etc. (3,390) (4,510) 1,120 million i
Slide 13: Financial targets for 2030
Financial targets for 2030 Management commentary • We assume annual GDP growth of around 3% and transport Conversion ratio ROIC (before tax) market growth at the same level, with higher growth within contract logistics. 2025 Q2 2026 2030 2025 Q2 2026 2030 (%) actual actual target actual actual targe
Slide 14: Narrowed outlook for 2026
Narrowed outlook for 2026 (DKKm) Updated outlook Previous outlook Actual 2025 EBIT before special items 23,500-25,500 23,000-25,500 19,611 Special items 6,500 6,500 4,527 Effective tax rate 28.0% 28.0% 30.3% Main assumptions • 2026 is the first year with 12 months’ contribution from Schenker and we
Slide 15: Key takeaways
Key takeaways Positive earnings Schenker integration on Narrowing the full-year momentum with the track to be completed 2026 guidance for EBIT highest earnings since by end of 2026 and full before special items to the start of the integration synergies in 2027 DKK 23.5 - 25.5 billion 15
Slide 16: Appendix
Appendix
Slide 17: DSV at a glance
DSV at a glance Global expertise Three divisions Strong ratings ~150,000 Air & Sea Nasdaq Copenhagen Employees A leading global network No majority shareholder – 100% free float Credit ratings A3 (Stable) by Moody’s +3,000 Road A- (Stable) by Standard & Poors Offices & logistics Leading provider in
Slide 18: A great track record – with more to come!
Our equity story Global leader with unique M&A track-record A great track record Organic growth through our commercial approach – with more to come! Asset-light model with industry-leading margins AI and technology to drive further productivity Experienced team with strong execution culture Discipli
Slide 19: We will leverage to lead to continue to transform and grow
We will leverage to lead to continue to transform and grow Foundation Strategic priorities Delivery model Our anchor in everything we do Our focus to transform and grow Our model for reliable supply chains Purpose Verticals Keeping supply chains flowing Empowering customers with expertise Customers
Slide 20: DSV – a global leader in the industry
DSV – a global leader in the industry Third-party logistics providers by 2025 revenue in EUR billion 1 1 DSV (DK) 39.3* 2 DHL Logistics (DE) 36.4 3 Kuehne + Nagel (CH) 26.1 4 CEVA Logistics (CH) 16.2 5 S.F. Freight forwarding (CN) 15.5 6 Nippon Express (JP) 15.3 7 C.H. Robinson (US) 14.4 8 9 Maersk
Slide 21: Our services and business model
Our services and business model 21
Slide 22: Creating value in the supply chain
Creating value in the supply chain From A to B and much more End-to-end logistics Through our global network, we provide a wide range of end-to-end supply chain solutions from shipper to consignee, supported by experienced people and strong IT infrastructure. Origin Destination A B From To shipper c
Slide 23: Leading end-to-end network across divisions
Leading end-to-end network across divisions, offering Globally consistent The leading customers unmatched product offering global network reach and integrated and delivery in Air & Sea solutions The leading Road A leading global network in Europe presence in and global operations Contract Logistics
Slide 24: Our service offerings
Our service offerings ~150,000 people in more than 90 countries at your service Third-party logistics services (3PL) Specialised offerings Air & Sea Road Contract Logistics Global Products • Access to all markets through • Leading Road freight services • Global footprint of multi-user, • Parcel and
Slide 25: Our market position – a world-leading player across divisions
Our market position – a world-leading player across divisions Air Sea Road Contract freight freight freight logistics Global leader Global leader European leader Global top 5 player Source: Transport Intelligence and DSV estimates (by 2025 revenue) 25
Slide 26: Divisional and geographical exposure
Divisional and geographical exposure Gross profit by division Gross profit by region Air & Sea Europe 44% 56% MEA Road 5% 27% APAC Contract Logistics 18% 29% Americas 21% EBIT before special items by division EBIT before special items by region Air & Sea Europe 57% 44% MEA Road 6% 18% APAC Contract
Slide 27: DSV trade lane exposure vs. market (volume)
DSV trade lane exposure vs. market (volume) Air freight Sea freight Asia-Europe 36% Asia-Europe 42% 42% (both ways) 31% (both ways) 25% Trans-Pacific 17% Trans-Pacific 16% (both ways) 21% (both ways) 20% Trans-Atlantic 22% Trans-Atlantic 15% (both ways) 16% (both ways) 10% 10% 13% Intra APAC Intra A
Slide 28: Value creation through M&A
Value creation through M&A 28
Slide 29: DSV deals among the largest in Denmark
DSV deals among the largest in Denmark Target Acquirer Year ~Value in EURm 1 Catalent, Inc. Novo Holdings 2024 15,310 Management commentary 2 Schenker DSV 2024 14,300 • DSV has executed 3 of the 20 3 Merus Genmab 2025 6,800 largest M&A deals in 4 Unilabs AP Møller Holdings 2022 5,000 Denmark in the
Slide 30: From local haulier to global leader
19% From local haulier to global leader 14% 67% A global network created through organic growth and M&A 2025 Breakdown of EBIT by division Air & Sea Road 2021 Contract Logistics EBIT Breakdown of EBIT by geography 3% Europe MEA 38% Americas APAC 59% 2019 100% 2016 2008 2006 2000 1976 1997 Revenue 2,
Slide 31: Strategic rationale - DSV and Schenker
Strategic rationale - DSV and Schenker An excellent strategic match Creating a global Expanding our Top-performing Dedicated employees leader in the industry global network company at your service Adding significant volumes Creating a leading global Delivering industry-leading Skilled logistics expe
Slide 32: The M&A track record
The M&A track record Continuous improvement of our margins through M&A 11.8% 10.7% GIL acquisition Schenker acquisition 9.6% 8.9% Panalpina acquisition 8.2% 7.9% 6.9% 7.0% UTi acquisition 6.5% 6.0% 5.1% 25,204 23,500- 25,500 19,611 17,723 16,223 16,096 9,520 6,654 4,878 5,450 3,050 3,475 2015 2016 2
Slide 33: Organic growth at scale
Organic growth at scale 33
Slide 34: Enabling sustainable above-market growth
Our commercial goals Retain key customers through high satisfaction Scale growth verticals with focused expertise Enabling sustainable Cross-sell more across divisions to realise full potential of accounts above-market Increase share of wallet with our largest customers growth through our commercial
Slide 35: Our strategy to deliver sustainable organic growth
Our strategy to deliver A commercial approach sustainable organic growth built on eight pillars Delivering our commercial approach A comprehensive, fully integrated approach Commercial Vertical and covering the whole organisation – from global strategy industry expertise to local accounts Differenti
Slide 36: Differentiated customer approach driven by a clear segmentation
Differentiated customer approach driven by a clear segmentation Globally managed customers: Top 650 • Significant growth potential with existing Accumulated gross profit (% of total) Country managed customers and new logos customers Regionally managed ~20% of gross profit • Has increased from 275 to
Slide 37: Vertical specialists closely connected to our customers
Vertical specialists closely connected to our customers Industry-specific expertise (% share of gross profit) Consumer Automotive Industrial Healthcare Technology Aerospace and defence ~25% ~10% ~31% ~8% ~16% ~5% Other: ~5% 37
Slide 38: Continued cross-selling potential across divisions
Share of globally managed customers buying from one, two, or all three DSV divisions (%) Air & Sea 11% 24% 7% 41% Continued cross- Contract selling potential Road Logistics 9% 5% across divisions 3% +40% of our globally managed customers procure services from all three divisions 38
Slide 39: Sustainability
Sustainability 39
Slide 40: Our sustainability commitments
Our sustainability commitments Environment Social Governance Reducing our impact Being a people business Doing business with integrity We act as a key enabler for We strive to ensure that all employees can We are governed by a strong set of decarbonisation across our value chain. thrive and realise
Slide 41: Strong sustainability performance
Strong sustainability performance Among the best rated companies in our industry 2025 scopes 1 and 2 decarbonisation targets achieved Recalculation of 2019 baseline Scopes 1 and 2 SBTi target boundary (CO2e - ‘000 tonnes) Scope 3 DSV’s heavy-duty battery electric vehicles fleet is now the largest in
Slide 42: Our carbon footprint
Our carbon footprint Committed to net zero in 2050 Total carbon footprint 2025 Science-based targets Our emissions by scope Scope 3 by transport mode (Tonne CO2) 2030 4% 3% 29.6% 50% Scope 1 & 2 Other categories, SCOPE 1+2 SCOPE 3 LAND 0% 0.58 million Reduction of scope 93% Transport Business travel
Slide 43: Our roadmap towards net-zero emissions
Our roadmap towards net-zero emissions Four key levers to deliver on our decarbonisation targets CO2 e (’000 tonnes) 32,500 Scope 3 By 2030 we will reduce our Projected reduction 32,163 scope 3 emissions by 30% trajectory 30,000 Business 27,500 as usual Axis break 25,000 22,500 Our progress so far 2
Slide 44: Decarbonising Logistics
Decarbonising An extensive portfolio of proven services and solutions to help you identify and reduce the carbon footprint of your supply chain Logistics Insights & intelligence Decarbonisation design Better business Get accurate data and insights so you can Turn insight into action with analytics a
Slide 45: Our approach to AI and technology
Our approach to AI and technology
Slide 46: Our approach to IT
Our approach to IT Strong platforms and digitalisation – driving transparency, productivity and scalability Transparency Productivity TMS / WMS Our IT systems, infrastructure and We rigorously consolidate our Data Science, Business Intelligence AI, Microservices, Routing engine back-office are desig
Slide 47: Our target system landscape – counting to one
Our target system landscape Continuing to advance our – counting to one IT landscape by Air & Sea 2 TMSs 1 TMS Driving aggressive simplicity through consolidation CargoWise One TANGO Reducing complexity and simplifying systems, platforms and Transition over time processes – with current focus on con
Slide 48: Strongly positioned to scale AI and harvest the benefits
Strongly positioned to scale AI and harvest the benefits Solving problems on enterprise level to maximise productivity Transformation with global solutions Same problem solved Scalability is key in DSV, and we focus on global designs to solve problems from an enterprise perspective to Corporate 1x D
Slide 49: AI is driving value across a broad range of areas
AI is driving value across a broad range of areas AI for logistics AI for productivity AI for software AI for large global processes optimisation and office processes development Quote Booking Load Planner Service Desk Integration Quotes generated Bookings completed Higher utilisation Faster resolut
Slide 50: Combining AI & technology with logistic infrastructure and expertise
Combining AI & technology with logistic infrastructure and expertise DSV is uniquely positioned with global service offerings and leading IT platform Utilising our global platform to provide Winning formula to compete in the future complex supply chain solutions Digital capabilities (including AI) C
Slide 51: Continuously tracking and adopting new technology
Continuously tracking and adopting Tracking new technology Quantum computing Metaverse Extended reality trends on our radar Holographic displays Telepresence Assessing Space Autonomous logistics freight systems Vehicle-to-Grid Battery swapping Microreactors Testing Small modular reactors Pallet shut
Slide 52: Financial details
Financial details
Slide 53: Earnings per share
Earnings per share • Flexible and scalable business model • Performance driven organisation • Strong M&A track record • 15% CAGR* in EPS from 2016 – Q2 2026 • Graph illustrates diluted adjusted earnings per share of DKK 1 15% CAGR* 2016 – Q2 2026 81.4 58.7 50.9 51.6 50.9 52.0 26.5 22.1 22.1 18.4 13.
Slide 54: Capital structure and capital allocation
Capital structure and capital allocation A consistent and long-term capital allocation policy, supporting value-creating investments Free cash • Repayment of debt if above target gearing ratio. flow priorities • Value-creating investments through acquisitions or development of the existing business.
Slide 55: Financial performance over the years
Financial performance over the years Revenue (DKKm) Gross profit (DKKm) 280,000 70,000 240,000 60,000 200,000 50,000 160,000 40,000 120,000 30,000 80,000 20,000 40,000 10,000 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR* 15.5% CAGR* 17.
Slide 56: Financial performance per division
Financial performance per division DSV Group DSV Air & Sea EBIT DKKm Conversion ratio Operating margin EBIT DKKm Conversion ratio Operating margin 28,000 49% 21,000 70% 24,000 42% 18,000 60% 20,000 35% 15,000 50% 16,000 28% 12,000 40% 12,000 21% 9,000 30% 8,000 14% 6,000 20% 4,000 7% 3,000 10% 0 0%
Slide 57: Cash flow and ROIC
Cash flow and ROIC Operating cash flow (DKKm) Cash conversion ratio* (%) 28,000 175% 24,000 150% 117% 20,000 125% 16,000 100% 83% 12,000 75% 8,000 50% 4,000 25% 0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Average: 97% * Cash conversion rat
Slide 58: Adjusted earnings per share
Adjusted earnings per share (DKKm) Q2 2026 Q2 2025 H1 2026 H1 2025 DSV A/S shareholders’ share of profit for the year 2,277 2,330 3,901 5,127 Customer relations 112 83 225 104 Share-based payments 99 91 192 171 Special items (P&L) 1,468 817 2,921 817 Tax effect of adjustments (487) (262) (961) (287)
Slide 59: P&L details – Group
P&L details – Group Group (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 YTD 2026 Revenue 182,306 235,665 150,785 167,106 41,680 61,983 71,983 71,685 247,331 70,416 76,688 147,104 Direct costs 144,691 183,516 106,967 124,132 30,689 44,742 52,475 52,566
Slide 60: P&L details – Air & Sea
P&L details – Air & Sea Air & Sea (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 YTD 2026 Divisional revenue 131,901 174,431 92,972 104,496 26,108 34,475 38,688 38,049 137,320 36,728 41,695 78,423 Direct costs 108,132 139,807 67,002 79,775 19,735 25,98
Slide 61: P&L details – Road and Contract Logistics
P&L details – Road and Contract Logistics Road (DKKm) FY 2021 FY 2022 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 YTD 2026 Divisional revenue 35,416 41,507 38,155 40,507 10,164 20,674 23,418 23,721 77,977 23,299 24,472 47,771 Direct costs 28,321 33,596 30,295 32,797 8,208
Slide 62: Balance sheet (DKKm)
Balance sheet (DKKm) Assets 30.06.2026 30.06.2025 Variance 31.12.2025 Equity and liabilities 30.06.2026 30.06.2025 Variance 31.12.2025 Intangibles assets 153,313 152,156 1,157 150,954 DSV shareholders’ share of equity 125,609 113,365 12,244 117,414 Right-of-use assets 28,056 26,159 1,897 27,772 Non-
Slide 63: Investor Relations
Investor Relations Share information Financial calendar 2026 Investor Relations contacts DSV A/S is listed on the Copenhagen stock 04 Feb. 2026 Annual Report 2025 DSV A/S exchange under the symbol ‘DSV’. Hovedgaden 630, 2640 Hedehusene, Denmark investor@dsv.com 19 Mar. 2026 Annual General Meeting 20